21 Equipment acquired on October 1, 2017, at a cost of $600,000 has an estimated...
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Accounting
21 Equipment acquired on October 1, 2017, at a cost of $600,000 has an estimated useful life of 8 years. The residual value is estimated to be $80,000 at the end of the equipment's useful life. The company has a December 31 year end.
Instructions
Calculate the depreciation expense for December 31, 2017 and 2018 using:
(a) the straight-line method.
(b) the double diminishing-balance method.
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